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December 11, 2020 | International, Aerospace, Naval
Naval Air Systems Command Exercises Option for an Additional $38.7 Million for Full Rate Production (Lot 2) of the BQM-177A Subsonic Aerial Target System
San Diego, December 10, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leading National Security Solutions provider and industry-leading provider of high-performance, jet-powered unmanned aerial systems, announced today that Kratos has received an additional $38,691,360 from the U.S. Navy for Lot 2 of its recently-awarded Full Rate Production (FRP) contract for an additional 48 BQM-177A Subsonic Aerial Targets (SSAT) and associated technical data.
Steve Fendley, President of Kratos Unmanned Systems Division, said, “The SSAT is an incredibly high-performance threat representation system consistently providing performance levels previously unachievable. The exercise of the FRP Lot 2 option secures the uninterrupted production of our SSAT system well into the Government's Fiscal Year (GFY) 2023.
Concurrently, we have been part of the Navy's site activation plan and I couldn't be prouder of the part we played in supporting the first flight at the Pacific Missile Range Facility in Kauai, Hawaii last month. Under Captain Molly Boron's leadership, the NAVAIR-Kratos team is already halfway to its goal of achieving Full Operational Capability (FOC) in GFY21.
Even under normal circumstances, achievement of FOC would be very challenging but to be making the progress we have during this pandemic is a testament both to the Navy's leadership and the commitment and perseverance of the Kratos team during these challenging times.”
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information, please visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2019, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Press Contact:
Yolanda White
858-812-7302 Direct
Investor Information:
877-934-4687
investor@kratosdefense.com
View source version on Kratos Defense & Security Solutions, Inc.: https://ir.kratosdefense.com/news-releases/news-release-details/naval-air-systems-command-exercises-option-additional-387
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June 3, 2019 | International, Land
US Army to free up another $10 billion for priorities
By: Jen Judson WASHINGTON — The U.S. Army is freeing up another $10 billion to apply to its top priorities in its next five-year budget plan, according to the service's undersecretary. “We are about to slap the table on the [program objective memorandum] here by no later than the middle of June,” Ryan McCarthy told a group of reporters during a May 29 media roundtable in his office. As part of a rigorous review of programs and spending, the Army set out to find $10 billion within the budget that could be reallocated toward priorities in its fiscal 2021-2025 program objective memorandum. The money shook out through another round of what the Army informally calls “night court,” a review process that freed up $30 billion in the last budget cycle to get ambitious modernization programs off the ground. The night court process was inspired by similar reviews conducted under Robert Gates when he was defense secretary. Rather than make $182 billion worth of decisions in a few hours, the process is meant to establish a deliberate route to applying funds against priorities, McCarthy said. For example, if a program didn't contribute to a more lethal battlefield or to one of the Army's six modernization priorities, it was canceled or downsized. The Army set up a new four-star command — Army Futures Command — last year to tackle the service's top six modernization priorities: long-range precision fires, the next-generation combat vehicle, future vertical lift, the network, air and missile defense, and soldier lethality. The review was conducted with the Army chief, vice chief, secretary and undersecretary at the head of the table last summer. But this year, to establish a more sustainable model, leadership fell to the major four-star commands and civilian heads in charge of major offices like acquisition and manpower. “Every dollar counts in this environment,” McCarthy said. “And so what we've done is we've realized that it's not a sustainable model to have the entire Army leadership hunkered down every summer, but should delegate to the appropriate echelon of authority.” Only the most difficult decisions will be brought to the top four Army leaders, he added. When it comes to finding another $10 billion across the five-year planning period to apply to priorities, McCarthy said, “we are in very good shape there.” The Army is also working to shift spending so that 50 percent is applied to new programs and 50 percent to legacy systems in the FY24-FY25 time frame. In FY17, the Army was applying 80 percent to legacy programs and 20 percent to bringing on new capabilities. https://www.defensenews.com/land/2019/05/31/army-freeing-up-another-10-billion-for-priorities/
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April 30, 2024 | International, Security
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